https://www.miningweekly.com

Bakubung community to acquire housing estate from Wesizwe Platinum

16th September 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The Bakubung Ba Ratheo (BBR) community, which falls within Wesizwe Platinum’s Bakubung platinum mine (BPM) development area, is seeking to acquire the Gabonewe Housing Estate, established for the BPM housing development project.

The construction of the estate will entail 801 mixed-use residential housing units, including all related bulk infrastructure services.

Wesizwe and the BBR community leadership on Friday signed a framework agreement intended to define the due diligence process; establish the framework for the prospective transaction principles; take note of what the benefits of the acquisition will be, economically and for the community; set timelines for the due diligence process; and define the terms and conditions of the master lease agreement between BBR and Wesizwe for the offtake of 70% of the units.

The due diligence process will immediately follow the signing of the framework agreement and will be completed within 20 days of its signing. Within five days of due diligence completion, the BBR community leadership must make an offer to wholly purchase Gabonewe, make an offer to acquire a majority shareholding in Gabonewe, or inform Wesizwe that no offer will be made.

Final acquisition transaction documents must be negotiated and finalised within 30 days of the offer and shall define the principles, provisions, terms and conditions of the transaction.

The transaction is also subject to regulatory approvals from all government departments with an interest in the transaction, which includes the Department of Rural Development and Land Reform, the Department of Mineral Resources, the National Department of Human Settlements – through the Social Housing Regulatory Authority – the North West Department of Local Government and Human Settlements, and the Moses Kotane local municipality.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.165 0.197s - 90pq - 2rq
Subscribe Now